is this give you some hits?

http://support.microsoft.com/default...kb;en-us;94961



"Jens Meier" wrote:

> Hello everybody,
>
> I am having the following problem, I have got stuck after trying a lot
> of things...:
> I would like to show a gif image with some transparent areas in an Image
> control on top of another image in the same Image control.
>
> I.e: The Image control already contains an picture and I would like this
> picture to stay visible in the transparent areas of the superposed
> picture. I.e.: The superposed picture should only cover those areas of
> the underlying picture where it is not transparent.
>
> Sounds logical, but unfortunately Excel covers the whole area of the
> Image control with a gray background to the picture. I.e., the
> transparent areas are filled with gray, instead of letting the
> underlying picture shine through.
>
> I am not familiar with the use of API functions, but I have heard about
> the TransparentBlt function which allows to set a transparent color.
> Does this make sense in my case?
>
> Thanks a lot for your help!
> Jens
>